12/5/22. Overnight.
No reprieve for the bulls. Bear market continues on down.
Dow Jones -1.02%. SP500 -1.85%. Nasdaq -3.18%. Small Caps -1.68%. Banks -1.78%.
SP500.
SP500 remains in a steep down-trending channel. Until it breaks to the upside of that channel, it's no use for the bulls to expect a counter-trend rally.
Any green shoots? Yes - a couple. Volume has eased off a little in the last couple of days, and CCI is showing a positive divergence. But - wait, until we see firm evidence of a move to the upside.
Commodities.
Some reprieve for Commodities last night, with DBC (+2.46%) bouncing off its 50-Day MA. Energy +3.19%. Base Metals +1.89%. Agriculture +1.82%. Gold +0.82%.
Iron Ore +3%. Thermal Coal +2.2%.
Those Commodity prices and IO price hold promise for resources and agricultural stocks today in Australia.
Overnight Oz Futures are down -0.5% - not as bad as the U.S. would suggest.
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